The Iverson Mall may soon hit the auction block after the debt on the property was sold to a Virginia-based investment group.
Burke & Herbert Bank sold the roughly $21.2 million mortgage May 4 after the mall’s owner, an affiliate of D.C.’s West End Capital, defaulted on the loan, according to Prince George’s County land records and county circuit court documents. The buyer, SAI Iverson Holdings LLC, is an affiliate of Chantilly investor Srini Chavali.
Chivali said he plans to schedule a foreclosure auction for the property soon, but a date has not yet been scheduled. The roughly 625,000-square-foot retail center is leased to a mix of tenants including Bank of America, Forman Mills and Shoppers World. SAI Iverson has retained Willard Retail to oversee leasing at the mall in the meantime.
